#doubletaxation — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #doubletaxation, aggregated by home.social.
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Continuing my own mini-filibuster inspired by Booker's unbelievable one, I want to add also my thoughts on the issue of deregulation of consumer protections.
In a 2009 essay, I made an argument that credit cards, especially the high rate ones, are a safety net of last resort, available to the poor who are ABANDONED by public safety nets, but who are forced to rent a second government that DOES offer a safety net. Those high interest rates are the TAX they pay to that privately rented government that offers them a lifeline. But the tax is not deductible. So they are double-taxed in a way rich people and businesses would never stand for. That's overly brief, but maybe you see where I was going. See the essay for more detail.
Credit Cards: A Tax on "Being Poor"
https://netsettlement.blogspot.com/2009/01/credit-cards-a-tax-on-being-poor.html#BookerSolidarity #BookerFilibuster #SenatorBooker #SenatorCoryBooker #Booker #Fascism #Oligarchy #GoodTrouble #USPolitics #politics #CreditCards #taxation #DoubleTaxation #inequality #poverty #SafetyNet
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"Republican Desperation in Full View as they Careen From Threatening Americans Abroad to Pandering."
Previously Trump claimed that Americans exercising their legal right to #VoteFromAbroad were "cheating" by "voting illegally", which is a lie.
Now he's claiming that he supports ending #DoubleTaxation of #AmericansAbroad.
If you believe that, we have a bridge to sell you...
#DemocratsAbroad will continue to fight for American #Citizens' legal right to #VoteFromAnywhere!
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Good quote. Chomsky has some keen insights.
I'm not an accountant or a lawyer, but that won't keep me from offering some related opinions here. Sorry this will be slightly US-centric, though I won't be surprised if there are echoes elsewhere.
I assume he's talking about tax deductibility of advertising for business as an ordinary and necessary business expense.
There are those of us who think that corporations should not be "legal people", trying to get rights that were created for people, not corporations. The flip side of this that gets far less attention is that corporations have rights people do not.
The "ordinary and necessary business expense" means that there is an activity fundamental to the core of the existence of a company's interests. The scrutiny is MUCH higher for individuals, who may feel their own core identity needs some advertising, EVEN IF it is not a business.
And so ordinary and necessary expenses of simply being alive are not deductible by human people, which seems an abomination. It's ridiculous. For example, interest on loans including high interest credit cards is not deductible by ordinary humans.
It used to be, but that right went away. It is a privilege of the rich now. You can deduct interest related to loans secured against your house. That sounds good, said that way, if you think it's intended to incentivize you to invest in your house. But an implication is that if I buy a pleasure yacht and secure the loan against my house, I can deduct the interest. But if I make ACTUAL upgrades to my home and pay for them on a credit card that is NOT secured against my home, I cannot deduct it.
So, back to the quote, we pay in other ways that are related but more subtle. We are told and eventually come to believe that the "ordinary and necessary expense" thing is a strong argument for justifying that OF COURSE such expenses cannot be seen as "profit". And yet we are routinely taxed in our ordinary lives in ways that are OBVIOUSLY not profit to ourselves, that are obviously taxes on our existence, and that is apparently not obviously something we should get as a reason not to be taxed.
Related reading: My 2009 essay Credit Cards: A Tax on "Being Poor", where I argue that this kind of disparity creates "double taxation" on private individuals.
http://netsettlement.blogspot.com/2009/01/credit-cards-a-tax-on-being-poor.html#CreditCards #deductible #deductibility #taxation #DoubleTaxation #LegalPerson #corporations
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It's not always easy to avoid double taxation. If I sell some funds in my IRA and withdraw the money the following year, then the sale is taxable as capital gains in Sweden, and the withdrawal as work income in the US. Different categories in different years. If anyone knows a tax specialist for both countries, please let me know.